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Ecobank Group integrates Express cash by Semoa to accelerate financial inclusion in Africa

By Pavithra R

July 06, 2021

  • Africa
  • Ecobank
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Ecobank Group integrates Express cash by Semoa to accelerate financial inclusion in AfricaThe Ecobank Group, a pan-African banking conglomerate and Semoa, a Fintech based in Lomé, has announced enabling mobile money users in Togo to carry out banking faster and easier, across the West African Economic and Monetary Union ( WAEMU) through a new digital banking service via Whatsapp called ‘Express cash by Semoa’.

“Xpress Cash by SEMOA- whereby Ecobank enables its cutting-edge infrastructure with SEMOA’s secured online services, is the perfect example of a true partnership in financial innovation with the potential to change the lives of many in West Africa. Indeed, the fact that people with no bank accounts, or credit cards, can now cash out their mobile money directly out of Ecobank ATMs and Xpress Points throughout the WAEMU region is a game changer that will help foster financial inclusion,” said Edem Adjamagbo, CEO and founder of SEMOA during the launch.

The Ecobank Group is the first bank to integrate this type of service at its ATMs and Express Point Agency locations. Customers simply send a Whatsapp message to Semoa’s BOT called Dédé to request for tokens for withdrawals, payment of bills or money transfer to friends and relatives in Togo and across the WAEMU region.

“As digital banking becomes increasingly important, the Ecobank Group is joining the growing number of banks, card companies and payment service providers around the world using developers like Semoa, one of the most prominent fintechs in Africa, to enhance customer experience. Made more accessible by Open Banking, which provides secure access to the Bank’s data, fintechs develop systems which issue commands via APIs to third parties, creating a seamless service for customers to perform their transactions and track their finances in one place,” said Djiba Diallo, the Ecobank Group’s Senior fintech adviser.

Semoa’s development of the API, which allows apps to talk to each other is creating the next generation digital customer experience and further validating the Ecobank Group as one of the innovative leaders of Open Banking in Africa. By leveraging this technology, the Ecobank Group is providing a bridge between the digital and cash economy. This allows unbanked merchants and traders to accept and make payments digitally thereby accelerating financial inclusion.

Established in 1985, Ecobank Transnational Incorporated (‘ETI’) is the parent company of the Ecobank Group. Ecobank is an independent regional banking group in West Africa and Central Africa, serving wholesale and retail customers whose network covers 35 countries across Africa. The Group offers a full suite of banking products, services and solutions including bank and deposit accounts, cash management, loans, advisory, trade, securities, wealth and asset management.

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